MSP case study: improving contingent talent retention with market insights.
Following an extensive market rate analysis, a leading business products wholesaler achieves hiring success.
| 2 min read |
when pay falls behind market rates
This leading business products wholesaler relies on a large team of Order Fillers in its Pittsburgh, Pennsylvania, facility to pull supplies from shelves for packing and shipping to customers on time. While these hourly employees play a crucial role in the company’s success, they faced challenges in attracting new candidates to apply for these positions, and with maintaining proper staffing levels due to high attrition. This challenge persisted despite a high availability of talent who meet role criteria in the Pittsburgh area.
market rate analysis drives change
As the company’s managed service provider (MSP), Randstad Sourceright engages with internal talent leaders to better understand how its pay rates affect contingent talent attraction and retention. After an extensive market rate analysis on the Order Filler role and similar positions in the Pittsburgh market, the detailed study revealed that other area organizations were attracting talent with more competitive pay rates. As a result, the company recognized the opportunity to improve its hiring success by adjusting its pay rate.
Equipped with the insights gained from the report, the company’s talent leaders built a business case for this strategic change. Based on the findings, the business products wholesaler gradually increased the pay scale by more than 15%, making it more competitive against other companies seeking the same talent.
positive changes today and for the future
After implementing this talent attraction strategy, the business products wholesaler saw an immediate improvement in its ability to fill these roles. By aligning the pay rate to be more competitive in the local market, the company has been able to reduce its time to fill by one day. At the same time, this change has had a positive effect on current contingent workers, as demonstrated by a 67% reduction in negative attrition.
As part of ongoing MSP talent advisory, Randstad Sourceright continues to conduct market rate analysis. Recent analysis shows that the company’s pay scale is competitive with local market rates. As a result, the business products wholesaler can ensure it continues to promote an attractive employer brand in the market. The company is also confident in its ability to retain crucial talent who are instrumental in delivering supplies to the company’s valued customers.
how can market intelligence and talent analytics help you attract, engage and retain your contingent workforce? contact us to learn more.